Mihir Tanna, associate director, S.K Patodia LLP, says: “In our experience, there was a client who had his address in PAN set in his old home at Goa, but he is now in Mumbai. So when he sold a property and deposited the capital gains in a capital gains account scheme account in State Bank of India (SBI), he claimed Section 54 Property sellers can benefit from thisWhen a property is sold for profit, the gains are called capital gains as per income tax law and you need to pay tax on such gains. However under ...

Group 1 - The surviving spouse of a deceased co-owner of a property receives a step-up in basis to the market value at the time of death, while also being eligible for a $250,000 capital gains exemption upon selling the property [1][4][6] - A step-up in basis resets the tax basis of an inherited asset to its market value at the time of the original owner's death, which can significantly reduce taxable gains for heirs [4][5] - The capital gains tax exemption for the sale of a primary residence can be up to $500,000, provided the owner has lived in the home for at least two of the previous five years [7][8] Group 2 - The basis of an asset is the amount paid for it, which is crucial for calculating taxable gains when the asset is sold [3] - The Section 121 exclusion allows homeowners to reduce or avoid capital gains tax on the sale of their primary residence, subject to certain conditions [7][8]